India: Sponge iron prices edge up, buying activity improves - 3 May

• PDRI market prices close at a range of INR 28,000-29,500/t
  
  
• Spot trade volumes rise by 50% d-o-d on improved buying
  
  

Sponge iron prices in India moved up by INR 100-450/tonne (t) d-o-d in major markets today on improved buying from participants.

PDRI market prices closed at a range of INR 28,000-29,500/t and CDRI prices, at INR 29,350-35,300/t.

South African RB2 prices remained stable today. Non-coking RB2 (5500 NAR) exw Gangavaram stood at INR 9,900/t ($119/t).

This upward movement in prices reflects supportive buying, as buyers have been active in booking material in response to rising offers. Consequently, there was a rise in trading volumes by 50% today when compared with yesterday.

About 18,850 tonnes (t) of sponge iron transactions were recorded in the country on Friday compared to 12,530 t on 2 May.

Rationale -

Prices have been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.

Click for detailed methodology

T1 - Trade, T2 - Offer/Bid/Indicative